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Excess of Loss Reinsurance
A form of reinsurance, which, subject to a given limit, indemnifies the ceding company for the amount of loss in excess of a specified retention. It includes various types of reinsurance, such as catastrophe reinsurance, per risk reinsurance, per occurrence reinsurance and aggregate excess of loss reinsurance.
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What's Going On With Our Legal SystemPeople file lawsuits because they don't feel good. It's really that simple. Unfortunately, very few “victims”are willing to take any measure of responsibility for their circumstances. We are quick to complain that the job wehired on for is not what we had expected. However, we failed to do our own good job of due diligence in the job seekingprocess. Workers are quick to complain there is “no career path for me,” yet they are uncertain as to where it isthey want their career to go. Workers are quick to complain that “our boss doesn't care” but fail to realize thatpeople always feel they are more committed to a relationship than the other person.I am having a very difficult time as of late really trying to understand the true benefit of today's legal system,despite the fact I have been deeply involved in it for 17 years. I have yet to meet a single person during this time whohas benefited in the big picture called “life” because they have filed some form of employment lawsuit. I knowplenty of minorities, women, older people, people with disabilities, people with alternative lifestyles, etc. who aresuccessful in life and not a single one of them reached that status because they played the victim role. I am startingto believe that if you want to hold someone back in life, give him or her a “right” they can focus on.
There is no doubt that legislation has effectuated necessary workplace change. At the turn of the century, it helpedto correct horrendous working conditions. But now, we have “progressed” to a point where OSHA has just released 618pages of ergonomic regulations they expect people to really absorb and implement. Problem is, the only people with thetime available to fully understand those regulations are the people who created them.
It would be hard to argue that at the height of the industrial era, there wasn't a disproportionate balance betweenlabor and management that lead to riots, strikes and murders. Certainly the legislature had to do something to stop theviolence from spilling out into the streets. Their answer was to allow for collective bargaining. The fact is,collective bargaining was born out of mistrust and control. But what about today? Today, the notion of controllingpeople is all but dead. There's not much you can control when there is a 4% unemployment level. There's not much you cancontrol when you realize the cost of replacing a $50,000 a year employee is approximately $50,000. Given today'senvironment; the only unions that will succeed are those who view themselves as partners rather than advocates.
There can be no doubt that Jim Crow thinking severely handicapped the employment opportunities of blacks throughoutthe country. So much so that it resulted in riots, strikes, murders and the passage of the Civil Rights Act. The factis, the black experience in America is unique. However, everybody wanted to jump on the bandwagon and claim that his orher experience was just as unique and painful – when it was not. Undoubtedly, the Civil Rights Act opened upemployment opportunities for minorities. But for blacks or any other minorities to pin their hopes of advancement ontoday's discrimination laws is dangerous at best. Certainly we can point to the settlements tendered by Texaco andCoca-Cola, Wonder Bread and other companies in class action type discrimination claims. But look at what happened –the workers in the Coca-Cola strike received $40,000 a piece for their victimhood and the lawyers skated off with morethan $20 million. Perhaps if that $20 million went towards education and training, we could get passed a whole bunch ofinstitutionalized baggage.
Given these realities, who truly benefits from this system? If you were to look at jury verdict statistics you wouldfind that the highest average award is an age discrimination claim awarded to a white male. On average, the lowest awardis offered to black females. Which begs the question – has anything really changed?
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